Enterprise Products Withdraws Its Interest in Williams -- Update

By Josh Beckerman 

Enterprise Products Partners L.P. confirmed that it had been looking into a merger with fellow pipeline company Williams Cos., but it said it withdrew interest after Williams didn't engage.

In after-hours trading, Williams shares fell 5% to $29.58.

Reuters had reported in August that Enterprise approached Williams about a potential acquisition at some point after Energy Transfer Equity L.P.'s late June termination of its deal with Williams, a transaction initially valued at $33 billion.

Enterprise said that "after extensive analysis of public information regarding Williams, we submitted non-binding proposals" to combine Williams and Enterprise.

Since August, Williams and its affiliate Williams Partners LP have announced several steps intended to strengthen their operations and finances. These include a revised relationship between Williams Partners and Chesapeake Energy Corp., a realignment of Williams Cos.' organizational structure and an effort to "monetize" a Geismar, La., olefins facility.

Shortly after Corvex Management LP said it planned to replace the entire Williams Cos. board, the company named three new independent directors.

Williams representatives didn't immediately return calls for comment Thursday.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

September 08, 2016 17:22 ET (21:22 GMT)

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